In a rare and politically fraught move, the House of Representatives on Wednesday approved a resolution disapproving of President Donald Trump’s tariffs on Canada, delivering an unmistakable rebuke to one of the president’s defining economic policies and exposing fault lines within the Republican conference.

The resolution passed 219–211, with several Republicans breaking ranks to join Democrats, according to CNBC. One Democrat, Rep. Jared Golden of Maine, voted against the measure. The outcome underscored the volatility of governing with a razor-thin majority and forced GOP lawmakers into a stark choice between party loyalty and policy concerns in districts where tariffs have become a political liability.

The House action comes as the Supreme Court is expected to weigh in on legal challenges to Trump’s tariffs, a decision that could redefine the scope of executive authority over trade. By moving now, lawmakers have inserted Congress directly into a legal and institutional contest that has simmered for some time: how much unilateral power the president should wield in imposing tariffs under statutes that delegate trade authority from Capitol Hill.

The measure, introduced by Rep. Gregory Meeks, D-N.Y., advanced after a dramatic procedural defeat the day before. On Tuesday, three Republicans joined all Democrats to block a rule that would have prevented House challenges to Trump’s tariffs through July 31. That failed rule vote opened the door to Wednesday’s resolution.

Trump, who has made tariffs central to his “America-first” trade posture, publicly pressured Republicans during the vote.

“Any Republican, in the House or the Senate, that votes against TARIFFS will seriously suffer the consequences come Election time, and that includes Primaries!” Trump wrote on his TRUTH Social account. “TARIFFS have given us Economic and National Security, and no Republican should be responsible for destroying this privilege.”

The warning did not deter all members.

Rep. Don Bacon, R-Neb., who is retiring at the end of his term, voted in favor of the anti-tariff resolution. He said the White House attempted to sway him.

“I voted on principle,” Bacon told reporters, referring to Tuesday’s procedural vote. “They were trying to do sweeteners for Nebraska, but I said what about the other 49 states?”

Bacon has been explicit in his economic critique. After Tuesday’s vote, he posted on X: “I don’t like putting the important work of the House on pause, but Congress needs to be able to debate on tariffs. Tariffs have been a ‘net negative’ for the economy and are a significant tax that American consumers, manufacturers, and farmers are paying.”

That framing — tariffs as a de facto tax — captures the argument animating many of the Republicans who defected. For members representing agricultural states, manufacturing-heavy districts, or suburban swing seats, tariffs on Canada raise concerns about retaliatory measures, higher input costs, and consumer price pressures.

Canada is one of the United States’ largest trading partners, deeply integrated into North American supply chains spanning energy, agriculture, autos, and construction materials. Tariffs can ripple quickly through those systems, affecting everything from fertilizer and farm exports to auto parts and household goods. Lawmakers in politically competitive districts are acutely sensitive to the downstream cost implications.

For Democrats, the vote was both policy and politics.

“The Speaker continues to abdicate his responsibilities, ceding Congress’s Article I authority to Donald Trump,” Meeks, the top Democrat on the House Foreign Affairs Committee, said in a statement posted to X. “Republicans now face a clear choice: go on the record and join Democrats in ending these cost-raising tariffs, or keep forcing American families to pay for them.”

The Article I reference is central to the constitutional argument underpinning the resolution. Congress holds the power to regulate commerce with foreign nations, though over the decades it has delegated significant authority to the executive branch. Trump has relied on that delegated authority to impose tariffs, often invoking national security or emergency powers. Wednesday’s vote signals that at least some lawmakers are uneasy with the breadth of that discretion.

Speaker Mike Johnson, R-La., framed the resolution as misguided and strategically ill-timed.

“This is life with a razor-thin majority,” Johnson said Wednesday morning on Fox Business. “I think it’s a big mistake. I don’t think we need to go down the road of trying to limit the president’s power while he is in the midst of negotiating America-first trade agreements with nations around the world.”

Johnson’s margin for error is exceptionally narrow. With the GOP holding only a slim majority, he can afford to lose just one Republican vote if all Democrats are present and united. That structural fragility has magnified the influence of individual members willing to buck leadership, particularly on issues that cut across ideological lines.

The tariff vote illustrates a broader tension within the Republican Party. While Trump’s base remains strongly supportive of his trade posture, segments of the traditional pro-business wing remain wary of tariffs as market distortions that can suppress growth, raise costs, and invite retaliation.

Reps. Thomas Massie of Kentucky and Kevin Kiley of California joined Bacon on Tuesday in defeating the rule that would have shielded the tariffs from House challenge. Their votes reflected a mix of constitutional, fiscal, and economic arguments — skepticism about executive overreach and concern over the economic drag associated with trade barriers.

Still, the immediate practical effect of the resolution may be limited. Even if the Senate were to approve the measure, Trump would almost certainly veto it. Overriding a presidential veto would require a two-thirds majority in both chambers — a highly unlikely threshold given current partisan alignments.

In that sense, the vote is as much a political marker as a legislative milestone. It places lawmakers on the record at a time when trade policy is once again central to economic debate. For Republicans in competitive districts, it provides an opportunity to demonstrate independence from the White House.

Yet the longer-term implications may lie less in the fate of this specific tariff and more in the precedent it sets. With Trump doubling down on trade as a tool of economic and national security policy, congressional resistance — even symbolic — suggests that tariff policy will remain contested terrain inside his own party.

As the administration continues to pursue what Johnson described as “America-first trade agreements,” the House vote signals that not all Republicans are prepared to grant the White House a blank check on tariffs. The resolution stands as a rare congressional rebuke of a sitting president’s signature economic approach.

Building-products distributor QXO has agreed to acquire privately held Kodiak Building Partners for about $2.25 billion, according to two people with direct knowledge of the matter, who spoke to Reuters.

The transaction marks QXO’s second major deal after its $11 billion purchase of Beacon Roofing Supply last year and signals a renewed push by Jacobs to build a national heavyweight capable of competing with industry titans Home Depot and Lowe’s.

The deal comes months after Jacobs’ failed attempt to acquire GMS, a drywall and ceilings distributor that ultimately agreed to be bought by Atlanta-based Home Depot. That setback slowed QXO’s expansion ambitions and sharpened scrutiny around its ability to scale quickly in a consolidating market. Kodiak now offers Jacobs both a rebound opportunity and a strategic pivot beyond roofing.

QXO, which distributes roofing and waterproofing materials, currently generates roughly $5 billion in annual revenue and carries a market capitalization exceeding $16 billion. By contrast, Home Depot and Lowe’s are valued at approximately $388 billion and $160 billion, respectively, underscoring the scale disparity Jacobs is attempting to close.

Kodiak brings $2.4 billion in annual revenue, 110 locations across 26 states, and a workforce of about 5,500 employees. While QXO has historically concentrated on roofing and related categories, Kodiak distributes lumber, trusses, gypsum, and other core construction materials essential to large homebuilders and regional contractors. It also provides in-house fabrication and installation services, giving QXO exposure to higher-margin value-added operations.

The acquisition, therefore, does more than increase revenue; it diversifies product mix and deepens QXO’s presence in structural building materials, positioning it more squarely within the mainstream construction supply chain.

Purchasing Power and Supplier Leverage

One of the most immediate strategic advantages lies in procurement scale. Sixteen of Kodiak’s top 20 vendors already supply QXO. That overlap provides an opportunity to consolidate purchasing volumes, negotiate better pricing, and streamline logistics across a broader platform.

In an industry where margins are often tight and inventory management is critical, scale directly translates into leverage. Larger distributors can negotiate improved payment terms, volume rebates, and preferential supply allocations—advantages that become especially important during periods of constrained materials availability.

By integrating Kodiak’s supplier base, QXO could expand its cross-selling opportunities, offering customers a wider array of products while deepening vendor relationships. The shared supplier footprint also reduces integration friction compared to a more dissimilar acquisition.

Financial Structure and Valuation

Under the terms of the agreement, QXO will pay approximately $2 billion in cash and issue 13.2 million shares to Kodiak’s owners. QXO retains an option to repurchase those shares at $40 apiece, according to one of the sources.

The implied enterprise value equates to roughly 10.7 times Kodiak’s projected 2025 earnings before interest, taxes, depreciation, and amortization, and about 0.95 times sales. For a distribution business operating in a cyclical sector, that multiple sits within the range seen in recent building products transactions, particularly where scale and geographic footprint are attractive.

QXO has bolstered its financial capacity ahead of further deals. The company recently secured a $3 billion convertible preferred financing led by Apollo and Temasek, providing fresh capital and borrowing flexibility. That war chest, combined with the Kodiak purchase, suggests additional acquisitions may follow in the coming months, potentially involving both private and public targets.

A Consolidating Industry

The deal comes when high U.S. mortgage rates have weighed on new home construction and large renovation projects. Builders face slower starts, and homeowners have been more cautious about major remodeling expenditures. Yet distributors are positioning for a cyclical rebound, with expectations that interest rates could ease.

Industry consolidation has accelerated over the past two years. Home Depot acquired SRS Distribution for about $18.25 billion in 2024 and later agreed to acquire GMS through SRS. Lowe’s countered with an $8.8 billion purchase of Foundation Building Materials and earlier bought Artisan Design Group.

These transactions signal that large retailers are pushing aggressively into professional contractor distribution channels. Jacobs’ strategy appears to be building a focused distribution platform that can operate with the speed and specialization of a pure-play wholesaler, rather than a big-box retail hybrid.

Technology as a Differentiator

Jacobs has repeatedly emphasized the use of artificial intelligence to forecast demand and optimize inventory management. In distribution, where margins can hinge on inventory turnover and working capital efficiency, predictive analytics can reduce stockouts, cut excess inventory, and improve service levels.

If effectively implemented, AI-driven demand planning could differentiate QXO from more traditional operators. The scale gained through acquisitions like Kodiak increases the dataset available for forecasting, potentially strengthening model accuracy.

However, execution risk remains significant. Integrating multiple acquisitions while layering in new technology platforms can strain operational systems and management bandwidth. Investors will likely watch closely to see whether promised efficiencies materialize.

The Kodiak acquisition serves multiple purposes for Jacobs. It restores acquisition momentum after the GMS setback. It broadens QXO’s product categories into structural materials central to homebuilding. It increases purchasing leverage. And it demonstrates to investors that QXO remains committed to its ambitious goal of expanding revenue toward $50 billion over time.

Yet the competitive gap with Home Depot and Lowe’s remains vast. Those companies benefit from entrenched supplier relationships, vast distribution networks, and diversified revenue streams. QXO’s path to parity will depend on sustained dealmaking, disciplined integration, and capital market support.

This deal is a clear indicator that the consolidation race in building products distribution is intensifying. With private equity capital flowing into the sector and large retailers pushing deeper into professional channels, mid-sized distributors may increasingly find themselves acquisition targets.